WPP said it is still reviewing its preliminary revised forecasts, but "early indications are that full year like-for-like revenue and net sales will be up around two per cent, with a stronger second half reflecting the comparatively weaker second half of 2016". This is in line with the estimates set out in the firm's annual results last month.

The group also announced today that its digital investment arm has bought US firm Deeplocal, an "innovation studio" focused on product invention, design and engineering for marketing campaigns. Clients of the newly acquired company include Google, Netflix and Airbnb.

"In 2017, our prime focus will remain on growing revenue and net sales faster than the industry average," the firm said in this morning's results statement.

"At the same time, we will concentrate on meeting our operating margin objectives by managing absolute levels of costs and increasing our flexibility in order to adapt our cost structure to significant market changes and by ensuring that the benefits of the restructuring investments taken in 2015 and 2016 continue to be realised."